June 21, 2024
Crypto

Bitcoin, Ethereum and XRP Sitting at ‘High-Risk’ Profit Levels, Warns Crypto Analytics Firm Santiment


Crypto analytics firm Santiment says that three of the largest crypto networks by market cap now have more than 80% of their existing supplies in profit.

The Total Supply in Profit metric measures what percentage of coins are currently in profit compared to the last time they moved, and sometimes correlates with price trends.

According to Santiment, Bitcoin (BTC), Ethereum (ETH) and XRP have 83%, 84% and 81% of their supplies in profit, surpassing their average that range between 55% and 75% and placing these coins in high-risk profit territory.

Santiment says the assets last hit this level in March 2022.

“Bitcoin (83%), Ethereum (84%), and XRP Ledger (81%) have their respective supplies in historically high risk profit levels compared to their averages that hover in the 55%-75% range dating back to 2018.”

Source: Santiment/X

Santiment says cryptocurrency prices can still go up because of positive developments in the industry, including the approval of a spot Bitcoin exchange-traded fund (ETF) in the US, but the firm says a lower percentage of the supplies in profit would be a bullish indicator for the crypto assets.

“Crypto can absolutely still climb due to more exposure from ETFs and other positive news. But ideally, a great signal to watch that would imply continued long-term growth would be a breach below 75% of their supplies in profit once again.”

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Check Latest News Headlines

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney





Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent. View more
Accept
Decline